Bears Sniffing Around This AMZN Pattern?

The campers have retired to their tents but they failed to secure one delectable hunk of leftovers. With a flashlight you can see the bears sniffing around the dark campground… sniffing, sniffing and thinking about nibbling.

The would-be H&S on Amazon even has some proper volume dynamics for a bear case. But personally I am not touching it because I am a defective would-be bear. I have a personality quirk where I can easily shake off losses from the long side but I get highly pissed if the likes of an over played market darling sporting a classically bearish pattern fails to resolve that way and instead, costs me money. Another weakness is that I personally think Amazon is a great company.

The 50 day average has turned down and that is intermediate negative for this stock that topped back in the summer. But the MA 200 is rising firmly and that would give me pause (as a bear). As I said, I’m not a very stout bear in cases like this. So I’ll just watch with curiosity to see if this resolves in the way of the pattern or in the way of the long-term moving average. Meanwhile, the neckline has not broken so it’s just theoretical.

Subscribe to NFTRH Premium for your 40-55 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Also, you can follow via Twitter @BiiwiiNFTRH, StockTwits, RSS or sign up to receive posts directly by email (right sidebar).

Related

Post navigation

“Best of breed” NFTRH Premium; Details…

“Gary, Before NFTRH I used to feel a bit like Agent Starling in Buffalo Bill’s basement after the lights went out. Thanks for turning on the lights.” –John M 11.24.14

NFTRH Monthly: $33.50

NFTRH Yearly: $345 (a 14% discount)

TRUMPETING: "I don't often track gold & silver any longer but I do remember that at the end of October 2008 you and Bob Hoye were the only two advisors who were bullish. That was ideal, a couple of voices crying in the wilderness. I don't know why you don't trumpet that more." --MM 11.10.14